california, texas, none of those could have been settled without extensive borrowing. of course, also a place to escape to. texas the place to escape from the debts in 1837. it was an independent republic. in the middle of that panic, mississippi and louisiana planners who had lost everything, were in serious debt, would escape to texas the next day and sheriff that is came to collect on their debts would -- they'd mark on the back of the forms gtt, gone to texas. texas was really a deadbeat republic until it became a state. >> scott, the end of the book you talk more about the current crisis of 2008. and i'm going to read something you wrote. you said the democratic party embraced wall street following in bill clinton's footsteps. president obama and congressional democrats did not reach for the boom stick instead they sought the counsel of those insiders who had demanded the deregulation of the markets in '90s and talk about ram emanuel and geithner and larry summers. how do we get to rereform then? we had an opportunity to do something. >> we did. and this is the th